The 10 steps of the remortgage conveyancing process:
Read below to find out more about the conveyancing steps you’ll go through during the process of remortgaging:
Step 1 – ID Checks
Your conveyancer will request proof of identity and proof of funds. Even if your lender has already completed these checks, your conveyancer must do so independently to comply with Anti-Money Laundering regulations.
Step 2 – Review your existing mortgage
Your conveyancer will obtain a redemption statement showing your outstanding balance on your current mortgage, any early redemption or exit charges, and the date they expire. This ensures accurate financial planning for the new mortgage.
Step 3 – Check leasehold terms (if relevant)
For leasehold properties, your conveyancer must confirm the remaining lease length meets your new lender's requirements. They will also contact the freeholder or managing agent to obtain key information needed during the remortgaging process, and notify them about your existing and new mortgage.
Step 4 – Property searches
Some lenders accept search indemnity insurance, making the remortgage process faster and cheaper. However, if your new lender requires searches, your conveyancer will arrange these. Searches may extend the remortgage timeline, so your conveyancer will advise you of expected timeframes and costs.
Step 5 – Review the property valuation
Your new mortgage lender will value your property and will usually provide you with a copy of the valuation within the mortgage offer. They may also provide this to your conveyancer at the same time.
Step 6 – Review the terms of the mortgage offer
Your conveyancer will carefully review your mortgage offer, check compliance conditions, and raise any lender queries. This is a key stage in the remortgage process because it ensures your new mortgage meets all legal requirements.
Step 7 – Sign the remortgage documents
Once you are happy with the offer, you will sign the mortgage deed and any additional lender paperwork. Returning documents promptly helps maintain a quicker timeline and avoid conveyancing delays.
Step 8 – Completion
On completion day, your conveyancer receives the new mortgage funds and uses them to repay your existing mortgage in full. Your old mortgage account is then closed.
Step 9 – Receive any remaining funds
If your new mortgage is larger than the amount needed to redeem your existing loan, any surplus will be sent to you.
Step 10 – Registering the changes with the Land Registry
Your conveyancer notifies HM Land Registry of the remortgage and registers your new lender as the legal charge holder. This finalises the remortgage process.
Remortgaging the home you purchased through a Help to Buy Equity loan? This process is slightly more complex, read our full article to understand the process of remortgaging your Help to Buy.
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